Carl J. Crosetto Retires as President of Bowne & Co.
Press release from the issuing company
NEW YORK, Nov. 21 -- Bowne & Co., Inc., a global leader in delivering high-value document management solutions, today announced that Carl J. Crosetto will retire as President of the Company at the end of this year after 31 years of service to Bowne. Mr. Crosetto will remain as a consultant to the Company and a member of its Board of Directors. Robert M. Johnson, Chairman and Chief Executive Officer of Bowne, will assume the responsibilities of President.
Mr. Crosetto has served as President of Bowne since December 2000 and a Director of the Company since January 2000. He became a member of the Office of the Chairman in 1999. He joined Bowne of New York in 1973 as a Sales Representative and later became Director of Sales, Senior Vice President and Executive Vice President. Mr. Crosetto was also President of Bowne International, the unit created to serve our international markets. In that capacity, Mr. Crosetto opened Bowne offices in ten foreign cities over the course of eight years.
Robert M. Johnson, Chairman and Chief Executive Officer of Bowne, said, "Carl is an icon in the financial printing industry and has been a terrific partner. With his help, we have grown Bowne from the world's leading financial printing company to a diversified information management company, providing industry-leading on-site document management to the investment banking and legal industries and globalization services to Global 1000 companies.
"Carl has been driving the changes in our operating model that supports our financial printing business, insuring that we not only remain a strong market leader during the recent downturn in the capital markets but that we emerge even stronger as the markets rebound. Carl remained until that important work was done and until he was confident that the markets, and Bowne, were poised for significant recovery."
Mr. Johnson continued, "Carl has earned his retirement after 31 years and, even though I will miss his daily counsel, I am comforted by the fact that he has agreed to remain an active consultant and a member of our Board of Directors. He retires with a strong management team in place and the success of each of our business units will be his legacy."
"I leave Bowne with a feeling of tremendous pride in the organization," said Mr. Crosetto. "I've had the privilege of working with a dedicated and talented group of employees for more than three decades, and I treasure the friends I have at Bowne. I am honored to remain on the Board of Directors and look forward to continuing to serve this company as it builds on its successes."
During his retirement, Mr. Crosetto intends to work with his long-time friend and associate Alfred C. Eckert III, the Chairman & CEO of Greenwich Street Capital Partners (GSCP), in helping to manage certain GSCP portfolio companies and in raising a new investment fund. Mr. Crosetto will not be involved in any fashion, either directly or indirectly, nor will he provide any counsel with regard to GSCP's investments in Moore Wallace Inc. or any other investments in companies competing in any way with services provided by Bowne.
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